310 E Detroit Ave

Monmouth, IL 61462

$117,500B-

5 bd · 2.0 ba · 2,806 sqft · Built 1900 · MultiFamily · Under Contract · 137 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,169/mo
• Mortgage (P&I): −$616
• Tax + insurance: −$196
• HOA: −$0
• Vac / Maint / Mgmt: −$455
• Net cashflow: $901/mo
• Annual: $10,818/yr
• Cap rate: 15.50%
• Cash-on-cash: 32.88%
• DSCR: 2.46
• 1% rule: 1.85%
• Cash to close: $32,900

Investor read

• This is a 5-bed/2.0-bath multifamily listed at $118k. Condition is rated fair.
• At list price, monthly cash flow is $901 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $118k).
• It's been on market 137 days — a 12% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $812 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#372 in IL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety D+, employment D, schools D-.
• Monmouth-Roseville CUSD 238 (town): math 10% / reading 21% proficiency, ranked #511 of 620 in IL (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 43 units permitted in Warren County in 2024 (0 in 5+ unit buildings).
• Warren County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — The exterior siding is in poor condition and needs replacement.
• Minor: kitchen flooring — The flooring is dated but not severely damaged.
• Minor: bathroom flooring — The flooring is dated but not severely damaged.
• Minor: interior walls/paint — The walls and paint are dated but not severely damaged.
• Major: landscaping — The landscaping is overgrown and in poor condition, requiring significant work to improve curb appeal.